How to Purchase a Condo

 

Golf Lake Condos

Buying a condo may seem like a daunting task. With all the things to consider in a condominium, like location and amenities, you may find your head spinning-- and that’s not even including things like financing and closing! Fortunately, with the right realtor and condominium association, the condo-buying process can go from stressful, to stress-free. 


At Golf Lake Condos, we want our residents to have not only the best living experience but also a carefree and easy buying process. We’ve made you a quick checklist of things to do when buying a condo so that when it comes time to make the tough decisions, you’re prepared. 


  • Define Your Lifestyle. Before you buy a condo, make sure that the condominium lifestyle is best suited for you. Note that a condo is much different than a single-family home; though your condo may look like a single-family house, it is much more like living in an apartment. Most condos, however, have shared walls, little private backyard or outdoor space, and shared common areas. Condos are great as vacation homes, and if you don’t want to worry about mowing the lawn or taking care of utility issues, buying a condo is right for you!

  • Get Pre-Approved for a Loan and Obtain Financing. Knowing what you can afford and what loans you are pre-approved for is crucial before actually looking at condos to buy. Visit your bank to find out the important financial details you need before you buy a condo, and will give you an idea of what a reasonable budget is for you. Just be sure you’re getting a pre-approved amount and NOT a pre-qualified amount, as pre-qualified is not a guaranteed amount! 

  • Choose a Realtor. Buying a condo is much different than buying a single-family home because of association and condominium rules and regulations. Because of this, you should do your best to find a realtor that is experienced in selling condos so they can walk you through the process and make sure nothing is missed or overlooked. Choosing a realtor will make buying a condo much easier for you!

  • Attend Open- Houses. After having all your financing and realtor information, do your research to find condos that you are interested in. Research locations that seem ideal for you, and that are within your budget. Then attend open houses with your realtor, and note the pros and cons of the condo. Make sure to visit both the condo as well as the common areas that may come with the association. This is also a good time to figure out additional fees that you may have to pay for with the condominium association, and what those fees include. 

  • Make an Offer. Once you’ve decided on a condo you’d like to buy, make an offer! Make sure your offer isn’t too low so the seller still takes you seriously, but not too high so you’re not overpaying. Don’t be afraid to bargain, and review any counter offers that your seller makes. You may also try negotiating on other closing costs with your seller, or other fees that are not included in the sale of your condo. After you’ve negotiated, you’re ready to… 

  • Sign Your Contract and Wait for Closing Date. Your contracts will be sent to attorneys for review before you officially close on the condo. You may also have to put down “earnest money” as a deposit on the condo. While waiting for your closing date, you may want to do important things such as applying for mortgages and filling out paperwork, track inspections, and do your final walkthrough. These are important so that you don’t waive your right to an inspection, and end up paying for things that were wrong with the condo before your purchase. 

  • Finalize Your Sale! Make sure all the title and ownership documentation is correct, and have the deed sent over to you. Pay your closing fees, and close on your new condo!


Golf Lake Condos offers a premium condo living experience in the Largo, Florida area. Located minutes from the famous Gulf Beaches, your condo will put you near all the best shopping, restaurants, and facilities that downtown St. Pete has to offer. We offer luxury amenities in a country club setting, with spacious and beautiful floorplans for you to live in. For more information, visit our website or give us a call at (727) 223-9129.

Sources: 

https://www.wikihow.com/Buy-a-Condo

https://www.bankrate.com/real-estate/buying-a-condo/

https://www.rochesterrealestateblog.com/10-tips-for-buying-your-first-condo/
Location: 960 Starkey Rd, Largo, FL 33771, USA

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